Financial Services category powered by

Hellenic Bank reduces base interest rate by 0.21%

Hellenic Bank has announced a reduction of its base interest rate by 0.21%, bringing it down from 2.12% to 1.91%, effective 18 November.

This adjustment positively impacts over 90,000 of the bank's borrowers, aiding households and businesses in managing borrowing costs and stimulating economic growth, the bank noted in an announcement.

Following the European Central Bank's (ECB) recent decision to lower its key interest rates, Hellenic Bank had already reduced reference rates for loans linked to ECB rates from 3.65% to 3.40%, effective 23 October, 2024.

Consequently, approximately 6,000 borrowers with loans tied to the ECB's base rate and the Euribor have benefited from reduced financing costs, the bank notes.

"Hellenic Bank remains committed to supporting the local economy by offering competitive solutions to both individual and business clients," its announcement concluded.

(Source: InBusinessNews)

Read More

Hellenic Bank and Eurobank Cyprus becoming one and reshaping the banking map
EBF CEO warns €1 trillion in frozen capital risks undermining EU Goals
Aristidis Vourakis: Deutsche Bank considering return to Cyprus
Makis Keravnos: The Cypriot banking system is back on a healthy trajectory
Cyprus economy and banks resilient, but vigilance still needed, says CBC Governor
EBF head Wim Mijs: Cyprus’ banks are resilient; but must remain vigilant
"There will be no 'Big Bang'," warns top ECB supervisor as she announces plan to cut red tape for EU banks
Bank Audi’s Mouayed Makhlouf: Resilience in banking now means to be technologically able
Bank of Cyprus follows ECB lead and reduces lending rates
Eurobank Limited is on its way: The numbers behind the new bank's vision